Jul. 30, 2025 4:15 AM ETFranklin Federal Intermediate-Term Tax-Free Income Fund Advisor Class (FITZX), FKQTX, FCITX, FITQX, FKITXFITZX, FKQTX, FCITX, FITQX, FKITXFranklin Templeton4.59K FollowersSummaryOverweight allocation to muni bonds with 20 or more years to maturity, security selection in A rated bonds and overweight allocation to A rated bonds.Overweight allocation to muni bonds with no external credit rating, security selection in BBB rated bonds and security selection in AAA rated bonds.Municipal bond valuations continue to appear attractive to us, particularly on a tax-adjusted basis, with yields near multi-year highs.In a more challenging environment, strong bottom-up research and disciplined security selection will be essential to identifying relative value and potentially preserving portfolio quality.anyaberkutPerformance ReviewOver the quarter, Franklin Federal Intermediate-Term Tax-Free Income Fund underperformed its benchmark, the Linked Bloomberg 1-15/10 Year Muni Bond Index.The fund’s yield curve positioning detracted from relative performance during the second quarter, primarily driven by ourThis article was written byFranklin Templeton4.59K FollowersFranklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.CommentsRecommended For You